S. 2251, The Homeowner's Flood Insurance Protection Act

• This item is from the 110th Congress (2007-2008) and is no longer current. Comments, voting, and wiki editing have been disabled, and the cost/savings estimate has been frozen.

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S. 2251 would ensure that individual homeowners that were not previously required to purchase flood insurance that are now required to do so because of the updating of flood insurance program rate maps receive a discount for the purchase of such insurance.

Detailed Summary

Homeowner's Flood Insurance Protection Act of 2007 - Amends the National Flood Insurance Act of 1968 with respect to any area that: (1) previously was not designated as a special flood hazard area because it was protected by a flood protection system; and (2) becomes so designated as a result of the decertification of that flood protection system pursuant to any updating, reviewing, or remapping of flood insurance program rate maps.

Sets the chargeable flood insurance premium rate for any property that, before enactment of this Act, was located within such an area at 50% of the chargeable risk premium rate otherwise applicable. Terminates such discount rate five years after the area's initial designation as a special flood hazard area.

Status of the Legislation

Latest Major Action: 10/26/2007: Referred to Senate committee. Status: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Points in Favor

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Points Against

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